Protecting Your Business Assets In Divorce
If you own a small business, you should take steps to protect it well before you consider divorce. All too often, business owners enter marriage expecting it to last but end up losing a substantial portion of their company when the marriage fails.
The sooner you take steps to protect your business, the better your chances are of securing a greater share of your company. Once divorce proceedings begin, it is much more difficult, or impossible, to implement the necessary legal protections. Taking the right steps now can keep your business from being divided or sold off altogether.
The attorneys of Roderick Linton Belfance, LLP, are experienced in both family law and business law. With law offices in Akron and Medina, our law firm understands how to strategically defend the interests of business owners throughout Northeastern Ohio.
Strategies To Protect Your Business
To protect your business in divorce, you may consider a variety of options, including:
- Maintaining separate business and personal funds
- Paying yourself a competitive salary instead of reinvesting all funds into the business
- Keeping your spouse out of the business as much as possible
- Preparing to forfeit other assets during the settlement in order to retain your company
- Ensuring that your business is fairly valued during divorce
- Clearly writing ownership of the company into a prenuptial or postnuptial agreement
- Placing your business in a trust so that it is not considered marital property
- Creating a buy-sell agreement that defines what will happen to the business in the case of divorce
Our experienced lawyers can carefully evaluate your current business situation and develop a personalized plan to protect your company. We understand the key estate planning and business law practices to employ to provide you the best opportunities for success.
Contact Our Attorneys To Develop A Plan
If you own a small business, you need to plan for its future regardless of your current relationship status. Early planning can secure your rights and greatly impact your financial future.
Call our Akron office at 234-281-4949 or contact our firm online. We have assisted residents throughout Northeast Ohio since 1885 and can provide your case with the depth of knowledge of over two dozen skilled attorneys.